The global economy is undergoing a profound transformation and facing elevated uncertainty, bringing challenges, but also opportunities. Growth has been resilient, but strains are emerging. We will adopt sound policies that foster confidence, build resilience, and safeguard macroeconomic and financial stability. We will continue to cooperate to address global challenges. Ongoing wars and conflicts continue to impose a heavy humanitarian toll, with large economic costs and significant negative spillovers. Ending wars and conflicts and securing lasting peace around the world remains essential for sustainable growth and long-term stability.
IMFC members agreed on the following text:
- The global economy is undergoing a profound transformation. Major policy shifts in trade and other areas are reconfiguring global markets and policy frameworks, heightening uncertainty. These changes, as well as transformative forces such as digitalization and demographic shifts, bring challenges but also opportunities. Growth has been resilient, but strains are emerging. Disinflation is expected to continue, with notable variations across countries. Risks to the outlook are tilted to the downside, against a challenging context of low growth, high debt, more frequent extreme weather events and natural disasters, trade tensions, and excessive global imbalances. Ongoing wars and conflicts continue to impose a heavy humanitarian toll, with large economic costs and significant negative spillovers.
- We will adopt sound policies that foster confidence, build resilience, and safeguard macroeconomic and financial stability. Strong economic institutions, notably independent central banks, remain essential for policy credibility and trust. We will appropriately calibrate our fiscal policy and, where needed, deepen our pivot toward fiscal adjustments to ensure debt sustainability and rebuild buffers. Such adjustments should be anchored in a credible medium-term strategy, while mobilizing domestic resources, improving spending efficiency, supporting growth-enhancing public and private investments and productivity gains, and preserving social cohesion. Central banks remain strongly committed to maintaining price stability, in line with their respective mandates, and will continue to adjust their policies in a data dependent and well-communicated manner. We will continue to adhere to international standards and closely monitor and tackle financial vulnerabilities and risks to financial stability, including by strengthening surveillance of systemic risks stemming from AI, non-bank financial institutions and digital assets, while harnessing the benefits of financial and technological innovation. We will also advance structural reforms to improve the business environment, streamline regulation where needed, fight corruption, and mobilize innovation and technology adoption. We will continue to cooperate to address global challenges and to ensure the stability and effective functioning of the international monetary system. We will work together to address excessive global imbalances through country-specific reforms and multilateral coordination, supporting a fair and open global economy. We reaffirm our April 2021 exchange rate commitments.
- We will continue to support countries as they undertake reforms and address debt vulnerabilities, with specific attention to the challenges faced by low-income and vulnerable countries, including fragile and conflict-affected states and small developing states. We call on the IMF to further deepen its work on debt vulnerabilities in low-income countries, including policy options to address them. We welcome the progress made on debt treatments under the G20 Common Framework (CF) and beyond. We remain committed to addressing global debt vulnerabilities in an effective, comprehensive, and systematic manner, including further stepping up the CF’s implementation in a predictable, timely, orderly, and coordinated manner. We call for enhanced debt transparency from all stakeholders, including private creditors. We look forward to further progress at the Global Sovereign Debt Roundtable. We support the work by the IMF and the World Bank under their three-pillar approach to assist countries with sustainable debt but high debt service pressures, including by helping them implement strong growth-enhancing reforms, mobilize domestic resources, and attract private capital. We look forward to the review of the Low-Income Country Debt Sustainability Framework (LIC-DSF).
- We welcome the Managing Director’s Global Policy Agenda.
- We support the focus of surveillance on tailored and candid advice to help countries strengthen economic resilience, safeguard macroeconomic and financial stability, ensure debt sustainability, promote sustainable growth, and achieve an orderly rebalancing of the global economy. We look forward to the ongoing Comprehensive Surveillance Review that will set future surveillance priorities and modalities; the Review of Financial Sector Assessment Programs to keep financial surveillance in step with evolving financial stability risks; and further work to strengthen the analysis of the drivers of excessive global imbalances.
- We welcome the recent stocktaking of the Global Financial Safety Net, which included a discussion on enhancing collaboration between the IMF and Regional Financing Arrangements. We look forward to the ongoing Review of Program Design and Conditionality to strengthen further the effectiveness of IMF-supported programs to better support members’ efforts to restore external viability and build resilience, and to the Review of the Short-Term Liquidity Line. We call for the timely and full implementation of the Poverty Reduction and Growth Trust reforms to ensure its self-sustained lending capacity.
- We support efforts to further strengthen capacity development (CD), in line with the 2024 CD Strategy, and to ensure the sustainability of CD financing. We continue to support a flexible and tailored delivery, well integrated with policy advice and program design.
- We reaffirm our commitment to a strong, quota-based, and adequately resourced IMF at the center of the GFSN. We have advanced the domestic approvals for our consent to the quota increase under the 16th General Review of Quotas and we look forward to finalizing this process with no further delay. We recognize that realignment in quota shares should aim at better reflecting members’ relative positions in the world economy, while protecting the quota shares of the poorest members. We are advancing the work on developing principles to guide future discussions on IMF quota and governance by the 2026 Spring Meetings, as called for in the Diriyah Declaration.
- We welcome the ongoing streamlining efforts at the IMF to deliver efficiency gains and best value to the membership. We reiterate our appreciation for staff’s high-quality work and dedication under the IMF’s merit-based system, and continue to encourage further efforts to improve regional and women’s representation within staff positions, and women’s representation at the Executive Board and in Board leadership positions.
- Our next meeting is expected to be held in April 2026.
INTERNATIONAL MONETARY AND FINANCIAL COMMITTEE
ATTENDANCE
Friday, October 17, 2025, Washington, D. C.
Chair
Mohammed Aljadaan, Minister of Finance, Saudi Arabia
Managing Director
Kristalina Georgieva
Members or Alternates
Ayman Alsayari, Governor of the Saudi Central Bank, Saudi Arabia (Alternate for Mohammed Aljadaan, Minister of Finance, Saudi Arabia)
Mohammed bin Hadi Al Hussaini, Minister of State for Financial Affairs, United Arab Emirates*
Edgar Amador, Minister of Finance and Public Credit, Mexico
Scott Bessent, Secretary of the Treasury, United States
Edouard Normand Bigendako, Governor, Bank of the Republic of Burundi
Luis Caputo, Minister of Economy, Argentina
Tiff Macklem, Governor, Bank of Canada (Alternate for Francois-Philippe Champagne, Minister of Finance, Canada)
Olayemi Michael Cardoso, Governor, Central Bank of Nigeria (Alternate for Adebayo Olawale Edun, Minister of Finance and the Coordinating Minister of the Economy, Nigeria)
Fabio Panetta, Governor, Bank of Italy (Alternate for Giancarlo Giorgetti, Minister of Economy and Finance, Italy)
Gabriel Galipolo, Governor, Central Bank of Brazil (alternate for Fernando Haddad, Minister of Finance, Brazil)
Eelco Heinen, Minister of Finance, The Netherlands
Kazuo Ueda, Governor, Bank of Japan (Alternate for Katsunobu Kato, Minister of Finance, Japan)
Martin Schlegel, Chairman of the Governing Board, Swiss National Bank, Switzerland (Alternate for Karin Keller-Sutter, Minister of Finance, Switzerland)
Lesetja Kganyago, Governor, South African Reserve Bank, South Africa
Lars Klingbeil, Federal Minister of Finance, Germany
Yung-Cheol Koo, Deputy Prime Minister and Minister of Economy and Finance, Republic of Korea
François Villeroy de Galhau, Governor of the Bank of France (Alternate for Roland Lescure, Minister of the Economy, Finance and Industrial and Energy Sovereignty, France)
Stephanie Lose, Minister of Economic Affairs, Denmark
Gongsheng Pan, Governor of the People's Bank of China
Rachel Reeves, Chancellor of the Exchequer, H.M. Treasury, United Kingdom
Gulnara Khaydarshina, Director of Department, Bank of Russia (Alternate for Anton Siluanov, Minister of Finance, Russian Federation)
Sanjay Malhotra, Governor, Reserve Bank of India (Alternate for Nirmala Sitharaman, Minister of Finance, India)
Mehmet Şimşek, Minister of Treasury and Finance, Republic of Türkiye
Salah-Eddine Taleb, Governor, Bank of Algeria
Perry Warjiyo, Governor, Bank of Indonesia
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* Virtual Participation
Observers
Pablo Hernández de Cos, General Manager, Bank for International Settlements (BIS)
Elisabeth Svantesson, Chair, Development Committee (DC) and Minister for Finance, Sweden
Christine Lagarde, President, European Central Bank (ECB)
Valdis Dombrovskis, Commissioner for Economy and Productivity, European Commission (EC)
Andrew Bailey, Chair, Financial Stability Board (FSB) and Governor, Bank of England
Amber Barth, Director, Office for the United States and Canada, International Labour Organization (ILO)
Mathias Cormann, Secretary-General, Organisation for Economic Co-operation and Development (OECD)
Mohannad Alsuwaidan, Economic Analyst, Petroleum Studies Department, Organization of the Petroleum Exporting Countries (OPEC)
Navid Hanif, Assistant Secretary-General for Economic Development, United Nations (UN)
Penelope Hawkins, Head, Debt and Development Finance, United Nations Conference on Trade and Development (UNCTAD)
Ajay Banga, President of the World Bank Group, The World Bank (WB)
Ngozi Okonjo-Iweala, Director-General, World Trade Organization (WTO)
